West Africa: WAMA Meeting Opens in Banjul

The sub-regional stakeholders Friday converged at a local hotel in Kololi for the 26th Joint Ordinary Statutory Technical Meeting of the Economic and Monetary Affairs Committee and the Operations and Administration Committee of the West African Monetary Agency (WAMA).

The two-day meeting is among series of different committee meetings being part of the 2013 End-of-Year Statutory Meetings of the West African Monetary Institutions, from January 10-17, 2014. The Committee meeting will provide delegates the opportunity to review the status of progress of activities assigned to the Agency under the ECOWAS Monetary Cooperation Programme. The Banjul meeting was hosted by the government of The Gambia through the Ministry of Finance and Economic Affairs and the Central Bank of The Gambia (CBG). The major objective of the West African Monetary Zone (WAMZ) Project is to create a common market, which will enhance the economic welfare of the citizens of the Zone. Accordingly, the WAMZ Convergence Council Meeting is held twice a year to discuss progress towards the launching of a Monetary Union and a common currency. The long-term ambition is to merge the CFA Franc Zone with the WAMZ to form a single monetary Zone for West Africa. In his remarks on behalf of the governor of the CGB, the director of research, Ismaila Jarju, said ECOWAS, which was formed in 1975 has the priority of integrating the economies within the West African Zone. The important element of the integration programme, he said, was the adoption of the ECOWAS Monetary Cooperation Programme in 1987. The objective of that Programme, he explained, was to establish a single monetary zone with a common currency in the entire zone through the adoption of appropriate policies and measures by the 15 member states. "Although the Zone is saddened with a number of problems and challenges in pursuit of an economic space, it is gratifying to [noted] the zeal manifested and the efforts geared towards strong and sustainable macroeconomic performance by the respective member states," he said. This he indicated is a clear indication of their commitment to the realisation of a credible monetary union. He went on: " I would therefore like to thank the director general of WAMA and staff whose continued hard work remains pivotal for the achievement for a common economic union and the eventual introduction of single currency," he stated.

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